Signed into law April 18, 2024. ​Entire bill is contingent upon November Statewide Referendum (HR 1022)​

An executive summary is included below but more resources are available here: https://gacities.com/Resources/Reference-Articles/HB-581-Frequently-Asked-Questions.aspx 

1. Property Tax Procedural Changes​

• Change to the Assessment Notice
  • Removes estimate of current tax based on last year's millage rates.
  • Instead, assessment notice will include the current year's "estimated roll-back rate" established by local government
  • Disclaimer is required on property tax bill if roll-back rate is exceeded
• Codifies requirement that parcels are appraised at least every three years​
• Provides "three-year lock" only if property value is reduced on appeal
• Removes provision limiting fair market value to sale price the year after the sale

2. Statewide Floating Homestead Exemption​

• Establishes a statewide "floating homestead" exemption based on a rate of inflation determined by DOR​
  • Requires approval through referendum in November 2024 (HR 1022); Applies to taxable years beginning in 2025​
  • Exemption allows assessment on homesteaded properties to only rise annually at the rate of inflation​
  • Property value resets with a sale or adjusts with "substantial property change"
  • This exemption will be in addition to other homestead exemptions, except other base year value exemptions (freezes or floats). ​In that case, the taxpayer will receive the exemption that is more beneficial
• Any local government wishing not to participate must affirmatively "opt out"​
  • If approved on November 2024 ballot, local governments have until March 1, 2025, to opt-out​
  • To opt-out, local government must pass a resolution after:​ Holding three public hearings and ​run required advertisements one week prior to each meeting

3. New Local Option Sales Tax and Local Sales Tax Limit Revisions

• Revised limitation on local sales tax
  • Keeps local sales tax limit at 2% (6% including state portion) but allows 3 "buckets" of exceptions, allowing local government 1 percent from each "bucket"
    • ESPLOST penny​
    • A transportation penny (Regional TSPLOST, Single County TSPLOST, Transit SPLOST, or MARTA)​
    • One additional from OLOST, CSPLOST, MOST, or the new FLOST
• Creates a new local option sales tax for counties and cities. This has been referred to as the FLOST
  • Up to 1 percent sales and use tax for "property tax relief"​
  • Split between the county and cites "that levy an ad valorem tax on property"​
  • County and all cities must have "in effect a base year value or adjusted base year value homestead exemption"
  • Distributed between county and cities based on the IGA​ with proceeds used "exclusively for tax relief" similar to LOST
  • Tax may be levied up to five years but may then be renewed​. For renewal, local act by the general assembly will be required in addition to the IGA and referendum